Bitcoin market update, consolidated channel

Nothing much has changed since 2 days ago, we are range bound between 520-495. While that is a big range, the volatility from recent bear trend hasn't decreased. Overall volume is still above average, but lower from recent move.

Since we are consolidating now, we can assume that traders have accepted this price level; they deem this level as "fair market value" for the time being. If not, we would have a reversal or further sell-off. While I cannot predict when or which direction is next move, the likely hood of it going down is higher since we are in a bear trend.

While it is true that my previous trendline is inaccurate, the fact is that we are drafting higher, not breaking out higher. The difference is the sharpness of the movement and volume. We are drifting higher accompanied by little volume. This suggest we are still in a consolidation and not a breakout.

I agree that the volume doesnt support the break out. I think we will see in next 24 hours where is the market heading. if it goes above 34.5 I think we are going to see 39 in next few days, otherwise it goes to 29